ISLAMABAD: The Pakistan Post Saturday launched the export parcel service `EMS Plus’ for small traders to deliver their consignments in foreign countries within 72 hours at minimum rates.
Minister for Communications and Postal Services Murad Saeed formally inaugurated the service in a ceremony here at the Pakistan Post head office. Special Assistant to the Prime Minister on Media Affairs Iftikhar Durrani, Secretary Postal Services Pir Baksh Khan Jamali and Director General of Pakistan Post Naseer Ahmed Khan were also present on the occasion.
Speaking on the occasion, the minister said Pakistan had got an honest leader in the person of Prime Minister Imran Khan and under his vision, the Pakistan Tehreek-e-Insaf government taking measures to make all the loss-making state institutions profit-generating organizations.
Similarly, he said, effective steps were being taken to steer the Pakistan Post out of losses and make it a profitable entity. The `EMS Plus’ was one of such measures which would help the organization earn income, he added. He said the service, which had been initially launched as a pilot project in the cities of Faisalabad, Sialkot, and Lahore, under which a parcel of up to 30 kilograms could be booked for six countries, including Saudi Arabia, the United Arab Emirates, Japan, the United Kingdom, Thailand, and Australia. The parcels would be shipped to the designated countries same day by air, he added.
Murad Saeed said the service would be extended to other foreign countries in the second phase likely next month. Initially, the services were to be launched for the entire world, however, due to some technical problems, it was started for six countries, he added.
The minister said advertisements would be floated in the newspapers during the current week to hire the services of courier companies in respective countries. Counters would be established at the airports with the deployment of the staff of Pakistan Post for timely dispatch of the consignments, he added.
He said the prime minister wanted a business-friendly environment in the country and his government was taking all possible steps for ease of doing business, particularly for small businessmen. The export parcel service was one of such steps and the Pakistan Post would come up to the expectations of the exporters.
He said there were two basic guarantees for the people to send their parcels through couriers, one was the timely delivery and the second of confidence and trust regarding its delivery to the consignee. The Pakistan Post being the official organization would ensure delivery of the parcels at the destination within 72 hours at the minimum charges, he added.
He urged the business community to prefer the ‘EMS Plus’ as it would cost them almost 175 percent less than the amount charged by private courier firms.
The minister said the Pakistan Post would soon offer its services for online shopping through its website as many multiple commodities had shown interest in selling their brands through it.
SCCI hails Fin. Amendments Bill 2019
KARACHI: Sukkur Chamber of Commerce and Industry (SCCI) today hailed the Finance Amendments Bill 2019.
Talking to APP here, President SCCI, Engineer Abdul Fatah Shaikh said that removal or decrease in regulatory duty on 150 items would bring down the cost of doing business, discourage smuggling and enhance the competitiveness of the industry.
He said that a 50 percent reduction in small medium enterprises, the industrial and agriculture sectors of the country and allocation of Rs. 5 billion for housing schemes would not only improve the economy but it would also be beneficial for a common man.
He said that the production of the car industry was fallen up to 30 percent because of the difference between filer and non-filer. The removal of super tax will give a boost to the manufacturing sector, he added.
Markets uncertain ahead of US-China trade talks
LONDON: Global markets parted ways Wednesday as investors were more cautious about the chances of success in China-US trade talks, and looked for direction from the ECB.
The overall mood remained wary, with a rally that has characterized the start of the year stuttering due to slower Chinese economic activity, a softer global outlook, Brexit issues and the US government shutdown, which shows no sign of ending soon. “The markets appear to be trading a bit cautious ahead of tomorrow’s monetary policy decision from the European Central Bank (ECB) and as US/China trade worries are flaring up,” the Charles Schwab brokerage said.
US investors sold shares Tuesday after the Financial Times and CNBC said Washington had rejected Beijing’s offer of preparatory discussions ahead of the next round of high-level negotiations. Wednesday saw a sliver of respite as Wall Street opened just in the black, the Dow Jones adding 1 percent while the tech-heavy Nasdaq rose 0.6 percent. “We are continuing to see caution in the markets on Wednesday, with reports a day earlier regarding trade talks between the US and China only aiding that,” said Oanda analyst Craig Erlam.
“Reports that preparatory talks between the US and China ahead of a meeting at the end of the month had been canceled put a slight dampener on the mood … at a time when we’re already seeing some profit taking.” Although the White House denied the reports, observers said they highlighted how fragile the negotiations were. The reports also came a day after Bloomberg News said the two sides were struggling to reach agreement on the crucial matter of intellectual property, a key source of US anger. Hopes that China and the US were on the right track have helped rally global markets in January following a torrid performance in 2018.
But data showing China’s economy grew at its weakest pace in three decades added to fears it is heading for a hard landing, while Xi Jinping also showed signs of worrying about the effects of a slowdown in a speech to top provincial leaders this week. “Investors obviously are still a little bit edgy and therefore we would expect periods of volatility to continue,” said Mark Hackett, chief of investment research at Nationwide Funds Group. “As the headlines continue to get more nerve-wracking with regards to a global slowdown and trade wars and government shutdowns, it’s easy to spook investors, but we think those are temporary versus permanent.”
Adding to concerns was confirmation that the US plans to seek the extradition from Canada of a top executive with Chinese telecom giant Huawei before the end of January. Despite the pervading uncertainty, Frankfurt and Paris joined Wall Street in posting small gains in intraday trades, but London was down 0.5 percent with little immediate sign of Brexit-related gloom lifting. Hong Kong ended flat having swung back and forth through the day, while Shanghai closed 0.1 percent higher and Tokyo ended slightly down. Oil prices advanced after taking a hit Tuesday on lingering worries about the effect of a slowdown in the global economy, and particularly China, on demand.
Fin. Supp. Bill, 2019 termed business-friendly
RAWALPINDI: Rawalpindi Chamber of Commerce and Industry (RCCI) Wednesday declared Finance Supplementary (Second Amendment) Bill of 2019 as ‘business-friendly.’
Talking to the Media, President RCCI Malik Shahid Saleem said despite economic crunch and a number of domestic and international challenges on different fronts, the government has announced business and people-friendly bill but it should be implemented in letter and spirit from January instead of 1st July 2019.
He said waiving off withholding tax on bank transactions for tax filers is a welcoming step of the government and it would give relief to small traders.
The President expressed hope that reduction on agriculture loans from 49% to 20% would benefit the farmers and traders related to agri sector. He lauded the exemption of small businesses from submitting withholding tax returns every month that will provide mentally relief to traders.
The business community also hailed other steps announced by the Finance Minister Asad Umer like Introduction of interest-free revolving credit of Rs5 billion (qarz-i-husna),lifting ban on purchase of vehicles for non-filers for locally manufactured cars up till 1300CC capacity,reduction of fixed tax on marriage halls from Rs20000 to Rs5,000,exemption of duties on Investment in solar panels and wind turbines for five years and removal of gas infrastructure development Cess from fertilizer production.